Patent application title: Method and system for buying and renting real properties

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Abstract:

In accordance with a computer-implemented approach and computer system,
user conducts a search for real estate properties using natural language
and has the ability to buy or rent real property online using unique
functionalities not available in prior art. A "Natural Search" approach
allows user to conduct an online search of real estate properties using
natural language as opposed to standardized pre-determined search terms.
Based on user's natural search, the system administrator generates a
series of results using the "Interactive Results" approach, which enables
the apparatus to analyze users' preferences to create a list of matching
real estate properties and provide interactive features allowing user to
act on generated results. According to "Live Offer" approach, the
computer system generates an offer history and unique data for each
property and allows user to act on the data by submitting an offer and,
otherwise, completing the buying and renting process online. All three
approaches may be used together or separately to streamline, simplify and
improve the process of buying and renting real property.

Claims:

1. A computer-implemented method for searching for and selecting of real
estate properties by a user, the method comprising computer-implemented
steps of: receiving non-standardized natural language search criteria
from the user that indicates criteria that the user desires to have in
the real estate property; upon receiving non-standardized natural
language search criteria from the user that indicates criteria that the
user desires to have in the real estate property, selecting a limited
pre-determined number of real estate properties from a database that best
match the non-standardized natural language search criteria submitted by
the user; displaying to the user a limited pre-determined number of
selected real estate properties and displaying indication that the user
can accept or reject or refine one or more of the selected real estate
properties; upon receiving rejection by the user of one or more of the
selected real estate properties, requiring the user to submit reasons and
comments for rejecting one or more of the selected real estate
properties; upon receiving the user's reasons and comments for rejecting
one or more of the selected real estate properties, selecting an
additional limited pre-determined number of real estate properties that
provide the best match for the non-standardized natural language search
criteria and comments submitted by the user; displaying to the user an
additional batch of limited pre-determined number of real estate
properties and displaying indication that the user can accept, reject or
refine one or more of the selected real estate properties.

2. A computer-implemented method as recited in claim 1, wherein
non-standardized natural language search criteria are a combination of
any words, phrases, numbers, abbreviations or combinations thereof that
user wishes to utilize to describe a desired real property.

3. A computer-implemented method as recited in claim 2, further
comprising non-standardized natural language search criteria,
characteristics and descriptions that can be entered in multiple
languages.

4. A computer-implemented method as recited in claim 1, wherein the step
of selecting a limited pre-determined number of real estate properties
that best match the user's non-standardized natural language search
includes selecting only a pre-determined number of real estate listings
from a database as opposed to all property listings that match the
non-standardized natural language search criteria submitted by the user.

5. A computer-implemented method as recited in claim 1, wherein
displaying to the user a limited pre-determined number of selected real
estate properties can be residential sales and rental real estate
listings or commercial sale and rental real estate listings.

6. A computer implemented method of claim 1, wherein the step of
selecting an additional limited pre-determined number of real estate
properties based on the user's reasons and comments for rejecting the
original results, includes analyzing by system administrator of user's
reasons and comments for rejecting one or more of the originally selected
real estate properties and integrating user's reasons and comments into a
new search.

7. A computer-implemented method of claim 1, wherein upon receiving
user's reasons and comments for rejecting one or more of the selected
real estate properties, selecting an additional limited pre-determined
number of real estate properties up to a specified number of times only.

8. A computer implemented method for buying or renting real property, the
method comprising computer-implemented steps of: enabling a user to
submit a non-standardized natural language search criteria that indicates
criteria that the user desires to have in real property; providing to the
user by system administrator a limited pre-determined number of real
estate properties that best match the non-standardized natural language
search criteria submitted by the user; enabling the user to accept,
reject or refine one or more of the real estate properties provided to
the user, create reviews and comments to each real estate property
presented to the user, review comments and reviews of other users and
administrator, provide a rating for each real estate property presented,
review ratings completed by other users and administrator, engage in a
live chat with a moderator; enabling the user to make a live offer on one
or more of the real estate properties provided to the user; in response
to the offer and upon validating the terms of the offer, transmitting the
terms of the offer to seller; enabling the seller to respond the offer
submitted by the user; enabling the user to see live online and receive
notifications of the status of the user's offer and the seller's
response; enabling the user to accept, reject or counter the counter
offer that the seller made; upon acceptance of the terms of the offer by
the seller, finalizing the whole transaction of buying or renting real
property online.

9. A computer-implemented method as recited in claim 8, wherein
non-standardized natural language search criteria are a combination of
any words, phrases, numbers, abbreviations or combinations thereof that
user wishes to utilize to describe the real property.

10. A computer-implemented method as recited in claim 8, wherein a
limited pre-determined number of real estate properties provided to the
user can be one or more residential sales and rental real estate listings
or commercial sale and rental real estate listings.

11. A computer-implemented method as recited in claim 8, wherein the step
of enabling the user to utilize interactive fields includes enabling user
to review prior offers made on each property provided to the user,
including when such offers were made, the amounts of the offers, replies
from owners' of presented real estate to such offers and the current
status of such offers.

12. A computer-implemented method as recited in claim 8, wherein enabling
the user to enter the terms of the offer for presented properties in
non-standardized natural language.

13. A computer-implemented method as recited in claim 12, further
comprising entering the terms of the offer for presented real estate in
non-standardized natural language is any combination or words or phrases
the user wishes to utilize to describe the terms of the offer.

14. A computer-implemented method as recited in claim 12, further
comprising enabling the user to place the offer live online via a
plurality of electronic devices including computers and mobile devices.

15. A computer-implemented method as recited in claim 8, wherein the step
of validating the terms of the offer includes analyzing the user's
natural language terms of the offer and comparing the terms of the user's
offer against the prior offers that the seller accepted, rejected and
countered and other information available on that particular property.

16. A computer-implemented method as recited in claim 8, wherein enabling
the seller to respond to the offer submitted by the user includes
enabling the seller to accept the user's offer, reject the user's offer
or propose a counter-offer.

17. A computer-implemented method as recited in claim 8, wherein the
information available to the user include the date and the terms of the
offer, the amount of the offer, and whether the seller has acted on the
user's offer, including accepting the offer, rejecting the offer,
countering on the user's offer or if the user's offer is under review,
and the administrator's comments, if any.

18. A computer-implemented method for recording, storing and organizing
interactions within the system between users, sellers and system
administrator, and presenting such interactions to other users, the
method comprising computer implemented steps of: recording interactions
between user and system administrator at the time of the non-standardized
natural language search and selection of one or more real estate
properties; upon recording interactions between user and system
administrator at the time of the non-standardized natural language search
and selection of one or more real estate properties, organizing,
systemizing and storing such information and presenting such information
via a network to users; recording interactions between user and seller at
the time of the live offer by the user and reply to such user's offer by
seller on one or more real estate properties; upon recording interactions
between user and seller at the time of the live offer by the user and
reply to such user's offer by seller on one or more real estate
properties, organizing, systemizing and storing such information and
presenting such information via a network to users; recording user's
comments and reviews of the real estate properties at every stage of the
process; upon recording user's comments and reviews, organizing,
systemizing and storing such information and presenting such information
via a network to users.

19. A computer-implemented method as recited in claim 18, wherein
information recorded during interactions between user and system
administrator includes reasons and comments for user's rejection of the
one or more real estate properties provided to the user and ratings that
such user provided to rejected real estate properties.

20. A computer-implemented method as recited in claim 18, wherein
information recorded during interactions between user and seller includes
including the offering price, the number of days the user intends to
close, the user's conditions, if any, to the closing, the date of the
offer, the seller's reply, including the acceptance, rejection or
counteroffer, seller's comments to user's offer, if any and
administrator's comments pertaining to user's offer on presented real
property and seller's reply.

21. A computer-implemented method as recited in claim 18, wherein
recorded, systemized and stored information is accumulated for each real
property and presented to any or all current and/or subsequent users to
whom such real estate property is currently or subsequently assigned.

22. A computer-implemented method as recited in claim 18, wherein the
step of organizing and presenting information via a network to users,
enables the user to view interactions for each real property between
seller and other users and offer outcomes on each particular real
property.

23. A computer system for buying and renting of real property by user
comprising: computer that is coupled to a digital network; and electronic
digital memory communicatively coupled to the computer, the memory
including one or more sequences of computer program instructions, when
executed, cause the computer to execute the steps of: processing
electronic digital information in form of non-standardized natural
language search criteria, characteristics and descriptions received from
the user that indicates criteria that the user desires to have in the
real property; establishing in electronic digital form, from electronic
digital information received online, a limited pre-determined number of
real properties that match the user's non-standardized natural language
search criteria, characteristics and descriptions; causing to be
delivered to the user a limited pre-determined number of real properties
that match the user's non-standardized natural language search criteria,
characteristics and descriptions; providing means to the user to accept,
reject or refine one or more of the real estate properties provided to
the user, create reviews and comments to each real estate property
presented to the user, review comments and reviews of other users and
administrator, provide a rating for each real estate property presented,
review ratings completed by other users and administrator, engage in live
chat with a moderator; providing means to the user to make a live offer
on one or more of the real estate properties provided to the user; in
response to receiving offer terms from the user, causing the offer terms
to be transmitted to the seller; providing means for finalizing the
transaction online; recording, organizing, systemizing and storing online
all interactions between users and sellers regarding any particular
property.

24. A computer system as recited in claim 23, wherein if the user rejects
one or more customized results indicated by the natural language search
criteria, requesting from the user reasons and comments for rejection of
each real property provided to the user.

25. A computer system as recited in claim 24, further comprising in
response to receiving rejection from the user, generating a new list of
real properties that will incorporate user's reasons and comments for
rejection of the previously provided real properties.

26. A computer system as recited in claim 24, further comprising in
response to receiving a rejection for provided real property from the
user, causing to be delivered to the user another set of customized
results indicated by non-standardized natural language search criteria,
characteristics and descriptions.

27. An computer system as recited in claim 23, wherein the step of
transmitting the offer terms to the seller includes providing means to
the seller to review the offer terms, including, accepting, rejecting or
countering the user's offer terms, and providing seller's comments to
such offer terms.

28. A computer system as recited in claim 23, wherein upon transmitting
terms of the offer to the seller, causing to be delivered to the user
notifications of the status of the user's offer and the seller's
response, including the seller's reply, including the acceptance,
rejection or counteroffer, seller's comments to the user's offer, if any
and administrator's comments pertaining to the user's offer on presented
real property.

29. A computer system as recited in claim 23, wherein following any
interaction between the user and the system or the seller and the system,
processing, recording and storing information online, systemizing such
information for each real property and displaying such information to
other users.

Description:

RELATED APPLICATION DATA

[0001] This application claims priority from U.S. Provisional Patent
Application No. 61/568,243 for METHOD AND SYSTEM FOR BUYING AND RENTING
REAL PROPERTIES filed on Dec. 8, 2011, the entirety of which is
incorporated herein by reference for all purposes.

FIELD OF THE INVENTION

[0002] The present invention is related to computers and computer
software, and to the provision of services to users desiring to buy or
rent real estate.

BACKGROUND OF THE INVENTION

[0003] Traditional methods for buying and/or renting of real properties
are complex and time consuming. Potential buyers and renters who do not
use expensive brokerage services are at a disadvantage starting from the
initial search for the property and throughout the whole process. The
search process is time consuming and normally involves a large pool of
properties that are of no interest to the buyer. Even if the buyer can
sort through the vast number of properties and find several properties
that best match buyer's preferences, buyer does not have access to
pertinent information about the market value of the property, specific
building rules affecting ownership of the property, financing options or
the prior offers history and seller's responses. In addition, prospective
buyer normally needs not only the services of a real estate broker, but
also professional legal services to help put an offer for the property,
negotiate purchase/rental agreement and close the transaction.

[0004] Currently, different forms of searching for real properties online
exist. Such search forms are performed based on pre-selected criteria,
also known as Boolean search. In a typical Boolean search, a search
system examines the database for pre-selected criteria or absence
thereof. Another example of typical computer search used by real estate
professionals and potential buyers and renters is the multiple listing
system (MLS). A search method utilized in MLS searches a database of real
estate listings for exact matches to standardized pre-selected criteria,
like price, number of bedrooms, square footage.

[0005] Such search methods are inadequate because it is virtually
impossible to include all features that a buyer or renter might desire to
see in real property. The search systems based on standardized
pre-selected criteria are very limited and leave out properties that
might be of interest to the prospective buyer because one or several of
the criteria could not be pre-selected. For example, usual search
criteria include the number of bedrooms, the type of building or the
price but do not include criteria like the average tenants' age, the type
of street where the property is situated (tree-lined, industrial, etc.)
or proximity to other point of interest (schools, hospitals, etc.). On
the other hand, the search systems based on pre-selected criteria tend to
be highly over-inclusive. The listings satisfying pre-selected criteria,
like the number of bedrooms, can still be dissatisfying to the
prospective buyer or renter. This type of search is ineffective and time
consuming, because it requires the user to examine a large number of
listings that are otherwise irrelevant. This makes searching for real
properties frustrating and time consuming.

[0006] Attempts have been made to expand the usual search options
available to users, like in U.S. Pat. No. 5,754,850. Unlike traditional
search methods, this method considers "near" matches in addition to exact
matches. This patent performs search that starts with a selection of
number of pre-selected search features. While this search improves the
limitations of the regular Boolean search, it makes the resulting pool of
property even more over-inclusive. In addition, it still does not address
specific and unique needs of the prospective buyer or renter.

[0007] The present invention alleviates this problem by enabling user to
conduct non-standardized natural language search. The real properties
generated by the system administrator and delivered to the user match
unique preferences of each user.

[0008] In addition to time consuming and complex search process, potential
buyers and renters are at a disadvantage because the information
available to potential buyers and renters regarding each selected
property is extremely limited. Often buyers and renters are unfamiliar
with the area, sales data and specific information potentially affecting
their future interest in the property; such information property is not
available via traditional real estate computer networks.

[0009] Attempts have been made to facilitate the whole transaction of
buying and selling real properties online and provide buyers with more
information beyond what traditional real estate computer networks
provide, like in U.S. Pat. No. 6,594,633 and U.S. Pat. No. 6,684,196.
Unlike traditional methods, these patents have attempted to streamline
the process of buying real estate online by providing user with market
data and tool to complete the transaction online. While these methods
considerably simplify the process of buying real estate, they do not
provide the users with enough information and adequate tools to make an
educated decision to place an offer on a particular real estate property.
The present invention addresses these and other concerns that arise
during buying or renting of real properties by providing method and
computer system that enable the user to search for properties that match
user's unique preferences and provide to the user unique information and
functionalities not available in prior art.

BRIEF SUMMARY OF THE INVENTION

[0010] a. According to one aspect of the invention, a user interested
in purchasing or renting real property has the unique ability to conduct
a search using natural language. Under the "Natural Search" approach, the
system administrator analyzes the natural language search criteria
submitted by the user and generates a limited number of search results
based on user's narrow and personalized preferences.

[0011] b. According
to another aspect of the invention, a method is provided whereby the
system generates limited number of results based on the user's natural
language search criteria, and provides the user with the opportunity to
act on these results. The "Interactive Results" approach allows the user
to accept or reject the search results. If user is dissatisfied with the
search results, user can reject the results by providing to the system
reasons for such rejection and commentary. The system administrator
analyzes the reasons and commentary provided by the user, integrates such
reasons into user's previous search and generates a new narrow list of
real estate properties. User's commentary is stored by the system and
available to subsequent users.

[0012] c. According to another aspect of
the invention, a method is provided that gives user the unique tools
necessary to review property data and initiate sale. As part of "Live
Offer" approach the system generates offer history for each property
listing and allows the user to act on generated data by placing an offer
on the property directly through the system using natural language,
receiving acceptance, rejection or counteroffer from the seller, track
the status of the offer online and finalize the whole transaction online.

[0013] d. According to another aspect of the invention, a method is
provided for buying or renting real estate property to users. In response
to a user's offer, the system administrator analyzes the terms of the
offer and communicates directly with the seller of the property in
proposing user's offer terms. If the seller accepts the user's terms, the
system administrator initiates the closing procedures. If the seller
rejects the user's terms, the user may revise the offer. Each offer and
outcome is stored by the system and available to subsequent users.

[0014]
e. According to another aspect of the invention, all interactions between
the users, system administrator and sellers are recorded by the system.
Such information is then organized, systemized and stored online and is
presented to subsequent users.

BRIEF DESCRIPTION OF THE DRAWINGS

[0015] The present invention can be better understood by referencing the
following drawings. The following drawings provide a thorough view of how
the process described herein works.

[0016] FIG. 1 is a flowchart depicting basic steps for utilizing the
interactive system for conducting search and buying/renting real estate
properties.

[0017] FIG. 2 is a flowchart depicting a "Natural Search" approach for
conducting natural language search and producing a limited number of
search results.

[0018] FIG. 3 illustrates an exemplary screen display of the tools and
windows that the user utilizes in conducting "Natural Search" online.

[0019] FIG. 4 is a flowchart depicting an approach for providing
"Interactive Results" to user.

[0020] FIG. 5 is an exemplary screen shot of information and functions
available to user after the

[0021] "Interactive Results" have been accepted.

[0022] FIG. 6 is an exemplary screen shot of "Interactive Results"
provided to the user and information available to the user regarding each
property.

[0023] FIG. 7 is a flowchart depicting an approach for making "Live Offer"
on a user's selected property through computer system.

[0024] FIG. 8 comprises several exemplary screen shots of functionalities
available to user as part of the "Live Offer" approach.

[0025] FIG. 9 is a flow diagram illustrating the implementation of the
present invention through computer system.

DETAILED DESCRIPTION OF THE INVENTION

[0026] A comprehensive and detailed overview of the invention is set forth
below in order to provide a better understanding of the functionality of
the system. The features and characteristics of the invention are
detailed in the following sections: (1) Overview; (2) "Natural Search"
approach; (3) "Interactive Results" approach; (4) "Live Offer" approach;
(5) Implementation.

Overview (1)

[0027] FIG. 1 is a flowchart that demonstrates a basic overview of the
computer-implemented method that allows user to search and buy/rent real
estate properties online. The term "real property" as used herein refers
to any real estate inventory, including commercial and residential
inventory. The process begins with step 100, where user, seeking to buy
or rent real estate property, conducts search by utilizing natural
language search terms. This approach allows to filter out unnecessary
properties and tailor search results to user's unique needs and
preferences.

[0028] According to one embodiment, a user enters search criteria in the
user's own words or sentences, rather than conducting a search by way of
a pre-selected set of criteria. The user is not limited to a particular
set of words or phrases, and may enter any search criteria that is of
interest to that particular user.

[0029] Once the completion of search criteria is satisfied, the system
proceeds to the member registration phase. Before the system generates a
set of interactive results as described in step 101, the system
determines whether user is a "member." According to one embodiment, if
user is determined to be a member, the system proceeds to generating the
user's interactive search results. If user is not a member, the system
allows user to submit a request for membership by entering several pieces
of personal information. The system subsequently approves or rejects the
user's request, and either generates information based on the user's
request, or denies user access to the system.

[0030] Upon attaining "member" status and response to user's
individualized search criteria, the system administrator generates a set
of limited number of real estate properties as described in step 101,
which directly correspond to the user's particular search criteria. The
"Interactive Results" are delivered to the user by way of telephone or
email.

[0031] According to one embodiment, if user is dissatisfied with the
generated "Interactive Results", user can reject the results delivered by
the system by providing reasons for such rejection and comments, and
request a new list. The system determines whether user has reached the
maximum number of search results and, if not, the system administrator
analyzes user's reasons for rejection and comments, and generates a new
limited number of "Interactive results". User reaches the maximum number
of search results if user has resubmitted the request for search results
a specified number of times. User's comments and reviews are processed by
the system and stored. Such comments and reviews, accessible by all
subsequent users, make the process of selecting real property more
efficient and thorough.

[0032] According to another embodiment, once a user receives and accepts
"Interactive Results", user has a unique ability to view prior offer
history and specific data on each real property not available in prior
art, comments and reviews by other users, as well as the opportunity to
make an offer to the seller, as stated in step 102. As described in step
103, once user makes an offer on any property, the system administrator
analyzes the terms of the offer and delivers the terms of the offer to
the seller. The seller then either accepts, rejects or counters the terms
of the offer, as described in step 104, and either a closing either takes
place or the offer is revised. All interactions between users, sellers
and system administrator, including but not limited to reviews, comments,
offers and responses are recorded by the system, processed, organized,
systemized and presented to subsequent users.

"Natural Search" Approach (2)

[0033] According to FIG. 2, a "Natural Search" approach allows user to
utilize natural language in searching for real property. User has the
option of narrowing the search by using natural language to describe
exactly the type of real property user is looking to buy or rent. The
user can tailor the search to his or her specific needs by providing
criteria not available in traditional standardized search. "Natural
Search" approach allows the system to filter user's search results by
searching the database for inventory that matches user's non-standardized
natural language search criteria. The process begins with step 200 where
user seeking to buy or rent real estate enters natural language terms in
order to conduct a search. This "Natural Search" approach is further
described in FIG. 3.

[0034] Once user enters search criteria using natural language, user is
presented with a "member sign-in" option before being able to proceed
with the search. As described in steps 201 and 202, if the user is
confirmed as a "member," the system administrator proceeds with the
search based on user's specified natural language search criteria. The
system administrator generates a list of limited number of results, and
user may proceed accordingly with the various options as depicted in FIG.
5.

[0035] If user is not a registered member of the system, as described in
step 205, the user is required to register as a member by providing
several forms of personal information as described in step 206. Based on
the user's personal data, the user is either approved or rejected as a
"member", as described in steps 207 and 208. If user is subsequently
approved as a "member," user may proceed with the search. Once rejected,
the user may no longer utilize the system in his or her search.

[0036] FIG. 3 depicts an exemplary screen display presented to user to
conduct the search. As seen in step 300, user enters natural language
search terms in the search box. The user also has the ability to conduct
non-standardized natural language search in several languages as
described in step 301. According to one embodiment, user utilizes
everyday words and phrases or any combination thereof to describe the
type of real property user is seeking to buy or rent. The system
administrator processes the search terms, accesses the back office
database, and matches the natural language search criteria with the
inventory available in the database.

"Interactive Results" Approach (3)

[0037] According to FIG. 4, the system generates a limited set of results
based on user's natural language search criteria, and provides user with
the opportunity to act on the generated results. Once user registers with
the system and is approved as a "member," user is able to finalize his or
her search and subsequently receive results as previously described in
FIG. 2 and FIG. 3.

[0038] According to one embodiment, once a user is approved as a member, a
list of a limited number of properties is generated that best match
user's criteria as described in step 400. The number of properties
provided to the user is pre-determined by the system and tend to be
clearly tailored to user's search. The search process for real property
does not stop once a list of properties is generated and delivered to
user, and, instead, becomes "interactive". After user receives a set of
results, user determines if the results are satisfactory based on the
user's individualized property needs, as described in step 401. If user
is satisfied with the property results generated by the system, user may
access unique information regarding each property not available in prior
art and opt to proceed with an offer on any/all of the generated property
results, as described in step 402 and further depicted in FIG. 5.

[0039] FIG. 5 is an exemplary screen shot of information and
functionalities available to user after the "Interactive Results" have
been accepted by user. User has access to property data like the asking
price, building rules, open mortgage, comments, reviews and ratings by
the system and other users, and whether there is a current offer made on
that particular property listing. User also has the unique ability to
view prior offers' history and outcomes as stated in step 700 and further
described in FIG. 8. For example, a user who has accepted the search
results may study the property data and determine that he is interested
in purchasing a particular property because there is no mortgage on the
property and because, based on the prior offers, he determines that he
can afford to make a slightly higher offer. User than has the ability to
make a customized offer on the property, as stated in step 701 and
further described in FIG. 7 and FIG. 8.

[0040] According to another embodiment, if the user is dissatisfied with
the generated search results, the user may reject the results by
providing reasons for such rejection and comments, as described in steps
403 and 702, and further depicted in FIG. 6. The system administrator
processes and analyses the reasons for rejection, integrates such reasons
into user's previous search, as stated in step 404, and generates a new
narrow list of real estate properties, as stated in step 400. A user may
reject the customized search results a certain number of times only.
Additionally, user's reasons for rejection and comments are recorded,
stored, processes, organized and made available to all subsequent users.

[0041] FIG. 6 is an exemplary screen shot of functions available to user
who is dissatisfied with search results. As seen in step 600, user
provides reasons for rejection and comments in natural language and
requests more results as seen in step 601. In response to user's request,
the system administrator analyzes user's reasons for rejection and is
able to provide user with a tailored list of properties that best match
user's preferences.

"Live Offer" Approach (4)

[0042] According to FIG. 7, the "Live Offer" approach is implemented in
addition to the "Natural Search" approach (2) and "Interactive Results"
approach (3) to make the process of renting or buying real property more
efficient. Once user conducts natural language search, accepts
interactive search results and reviews unique information provided by the
system, user has the option of making an offer on any or all of the
generated properties using natural language as described in step 700 and
further depicted in FIG. 8. Once an offer is made by user, the system
administrator analyzes the terms of the offer and checks its database for
a list of offer terms as they pertain to that particular property as
described in step 701. If user's offer does not match the offer terms as
listed in the system, the system automatically rejects user's offer, and
user can make a new offer.

[0043] According to a specific embodiment, if user's offer is accepted by
the system, the offer is subsequently presented to the seller as
described in step 702. Once the offer has been submitted to the seller,
the offer can be accepted by the seller as described in step 703,
rejected by the seller or counter-offered by the seller as described in
step 705, or there may simply be no response from the seller regarding
the offer as described in step 704. If an offer is accepted by the
seller, a contract is submitted and signed by both buyer and seller as
described in step 706. If an offer is rejected or countered by the
seller, user may make another offer.

[0044] According to a specific embodiment, all actions taken by the user
and the seller regarding the specific property are systemized and stored
within the database for future use and matching as described in step 707.
Therefore, no offer is possible if another member has placed an offer.
Moreover, recording all prior users' activity provides full access to the
offer history and outcomes to the subsequent users, thereby giving the
subsequent users an opportunity to make a plausible offer on the same
property.

[0045] Several unique functions that are available to user as part of the
"Live Offer" approach are described in FIG. 8. According to one
embodiment, the user has the ability to view prior offers and outcomes by
selecting the "Offer History" function. The information available to user
as part of such function includes, among other things, the date and time
of previous offers, the outcome of the offer and the reasons for
rejection if any. This unique data allows the user to make an informed
choice and submit a plausible offer.

[0046] According to another embodiment, if user, after reviewing the
unique property data, determines that he or she is willing to make an
offer, user can submit offer terms to the seller by utilizing "Make an
Offer" function. User provides both the standardized terms pre-selected
by the system, like the price and timing, and natural language terms,
which are unique to each offer. Once the user enters the terms of the
offer and clicks "submit offer" button, the system administrator analyzes
the standardized and natural language terms of the offer and matches them
against the data available on that particular property. If the offer
terms are validated by the system, the system delivers the offer terms
directly to the seller.

[0047] According to another embodiment, once the offer terms have been
transmitted to the seller, user has a unique ability to see the status of
his or her offer live online using the "My Offers" function. The
information available to user includes the date and time the offer was
submitted and whether the seller has accepted the offer, rejected the
offer, or the offer is still under review.

Implementation (5)

[0048] The aforementioned method for buying and renting of real estate is
intended to streamline and improve the real estate process by allowing
user to conduct narrow natural language search, receive highly customized
results and unique information regarding each property not available in
prior art and make a direct offer on the property. The present invention
is particularly well suited for Internet applications. The invention may
be implemented via different combinations of hardware and software and is
not limited to particular hardware or software implementation.

[0049] FIG. 9 is a diagram illustrating the embodiment of present
invention. The embodiment supports the "Natural Search" approach, the
"Interactive Results" approach and the "Live Offer" approach via the
Internet. The computer system consists among other things of the load
balancing 901, several servers 902 and 903, data center 907 and
management console 908.

[0050] According to one embodiment, user accesses the system through the
electronic communications network, the Internet, as seen in step 900, via
multiple electronic devices, including computers, mobile phones,
hand-held devices and the like. The load balancing 901 distributes
information received from users across multiple servers, including
cloud/web servers 902 and database servers 903. Servers execute
processing, storage and capabilities of information transmitted over the
Internet. Each server comprises one or more processors coupled with
memory and storage devices and software packages that allow the system to
function.

[0051] The primary databases include the Listing Database 904, the
Transaction Database 905 and the User Database 906. The databases are
interconnected and can be integrated into a single database. The servers
are in turn connected to the Data Center 907, an environment where the
whole infrastructure resides. The system administrator can access the
Data Center 907 through the management console 908, which allows
administrator to configure and monitor the system.

[0052] The novel method described here for searching and buying/renting of
real properties provides several advantages over prior art. The computer
system enables users to conduct natural language search, receive and
customize interactive results, provide reviews and comments for each
presented real estate property, access and utilize unique information
about prior offers and outcomes stored by the system, place an offer and
conclude the transaction online. In addition, the computer system
described herein records and stores all interactions between users,
sellers and system administrator, organizes, systemizes and presents such
information to all subsequent users.